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Aston Martin CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Palmer told Reuters earlier in May. Related Video:

Lewis Hamilton takes pole position at German GP as Ferrari falters

HOCKENHEIM, Germany — Lewis Hamilton took pole position for the German Grand Prix on Saturday, while Sebastian Vettel's miserable form continued for Ferrari as he was unable to even set a time and will start from the back. It got even worse for Ferrari as Vettel's teammate Charles Leclerc was unable to start the last part of qualifying, known as Q3, and is set to begin from 10th place on the grid on Sunday. "I don't know really how we did it today. I'm not quite sure what happened to the Ferraris," Hamilton said. "I think if Leclerc had done a lap at the end, it would have been close between us." Ferrari is winless in 10 races this season and that terrible run looks to continue, while Hamilton is aiming for a sixth win in seven. It was a record-extending 87th pole for the five-time world champion, who is 11 wins shy of Michael Schumacher's record of 91. Hamilton starts on the front row alongside Red Bull's Max Verstappen, who knocked Hamilton's Mercedes teammate Valtteri Bottas into third place. Red Bull's Pierre Gasly goes from fourth. "A bit disappointed with qualifying and I just struggled," said Bottas, who is level with Hamilton on four poles this season. "Ferrari (were) extremely quick and we knew it would be difficult to beat them ... We've been a bit lucky." Vettel, who crashed at last year's German GP despite leading from pole, looked visibly upset as he climbed out of his car in the team garage. The incident happened during the first part of qualifying, making him one of five drivers eliminated from Q1. The issue appeared to be related to a turbo problem, even more surprising given Ferrari had topped all three practice sessions heading into qualifying. Worried faces in the Ferrari garage turned to sheer horror as mechanics then detected a problem on Leclerc's car, ruling him out of the top-10 shootout in Q3. "Mine was a fuel system problem. It is a shame but we will be trying to understand what happened and not to reproduce it. The car felt great today so it's a shame it ended like this," Leclerc said. "I feel for the whole team. I will give absolutely everything to make everyone smile again tomorrow." Television footage showed a Ferrari fan in the stands sinking his face into his hands in disbelief. Mercedes head of motorsport Toto Wolff was sympathetic when commenting on Ferrari's latest setback. "It is a shame for Ferrari and for Sebastian at his home GP," Wolff told broadcaster Sky Sports, adding.

Honda, Mazda, Mitsubishi, Mercedes also under diesel emissions scrutiny

The controversy over Volkswagen's diesel emissions scandal isn't limited to the US. In Europe, where diesel engines are far more popular, the issue is shining a harsh light on the NEDC emissions test. As already known, the evaluation does a poor job of reflecting real-world production of NOx, and it appears a significant number of automakers are affected. The Guardian in the UK has been reporting on real-world test results from a company called Emissions Analytics. After the latest round of checks, vehicles from Mercedes-Benz, Honda, Mazda and Mitsubishi were found to generate far more NOx than they should. The newspaper also published similar results for Renault, Nissan, Hyundai, Fiat, Volvo, Jeep, Citroen, VW, and Audi. On average, the figures are about four times over the limit of producing the pollutant. Unlike VW and its defeat device, these automakers aren't actually breaking the rules. The vehicles perform up to the NEDC lab test for emissions, but those results simply aren't translated to the street. "The VW issue in the US was purely the trigger which threw light on a slightly different problem in the EU - widespread legal over-emissions," Nick Molden from Emissions Analytics said to The Guardian. A big fight to decide the future of this issue appears to be on the horizon. Automakers claim that they can't meet the next round of tightening emissions regulations and are asking for compromises. Although, spokespeople for Mercedes and Honda told The Guardian that the brands would be in favor of the stricter rules. Meanwhile, some European governments began backtracking their support of diesels well before this scandal came to light. The added scrutiny certain hasn't helped the future of the oil-burner. Related Video: